$10 Million Invested for Avalanche (AVAX) Ecosystem

Colony Labs, one of the developers of the Avalanche ecosystem, will invest in the future of the ecosystem.

Colony Labs has announced that it has purchased more than 500,000 Avalanche (AVAX) tokens over the past few months.

The company will use these funds to set up a validator program that will favor AVAX holders.

In blockchains that operate on a proof-of-stake (PoS) mechanism, validators are tasked with securing the network and confirming new transactions. To do this, they stake a certain amount of tokens and receive rewards for staking.

Colony Lab will also invest in the Colony Avalanche Index (CAI), an index in the Avalanche ecosystem that tracks the price of some tokens. In addition to AVAX, the index also includes Trader Joe's JOE token.

Proceeds from the validator program will be transferred to the community that staked for CLY.

Elie Le Rest, CEO of Colony Lab, said, "In investing $10 million in the Avalanche ecosystem, we are not only growing Colony Lab, but also supporting the long-term potential of AVAX."

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